Who Said The HECM 100 Was Dead?
October 9th, 2007 | by admin Published in Financial Freedom, LLS, Products, Reverse Mortgage | 3 Comments
Just when you thought the HECM 100 was really gone…
Today, Financial Freedom announced that they plan to offer the HECM 100 indefinitely. The announcement noted that over the past two weeks there has been an improvement in secondary market conditions in regards to CMT based HECM loans. While the market has not yet completely recovered, One-Year CMT+100 has climbed above One-Month LIBOR for the first time since mid-August.
This is great news for FF, because I’ve received a handful of emails from brokers who were looking for a new wholesaler because FF stopped offering the HECM 100. I’m not knocking FF in anyway, but it was the first time a lot of mortgage brokers had to look somewhere else for reverse mortgage production outlets.
Incase you forgot, in late August a handful of lenders announced that they wouldn’t be offering the HECM 100 anymore, and it looked like the industry was going to shift towards a LIBOR based reverse mortgage product. Are we still going to see LIBOR based HECMs from Financial Freedom? Lender Lead Solutions? Who knows… but I bet we will see more announcements from other lenders announcing the return of our good old HECM 100.
Technorati tags: Reverse Mortgage, Reverse Mortgage News, HECM, FHA, HUD, Financial Freedom, HECM LIBOR
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October 10th, 2007 at 10:11 am (#)
It is my understanding that Financial Freedom will still unveil Libor based products and keep the others as long as investors will buy them.
October 16th, 2007 at 11:30 am (#)
[…] “We are focused on continually developing new products that provide seniors with access to a range of financial options to best meet their needs,” said Michelle Minier, CEO of Financial Freedom. “HECM Monthly LIBOR 65 joins our existing line of HECM products resulting in the broadest HECM product suite in the reverse mortgage industry.” Financial Freedom has been busy lately releasing their HECM Fixed product as well as announcing that they are continuing to offer the HECM 100 product. […]
October 30th, 2007 at 3:02 pm (#)
[…] “We are focused on continually developing new products that provide seniors with access to a range of financial options to best meet their needs,” said Michelle Minier, CEO of Financial Freedom. “HECM Monthly LIBOR 65 joins our existing line of HECM products resulting in the broadest HECM product suite in the reverse mortgage industry.” Financial Freedom has been busy lately releasing their HECM Fixed product as well as announcing that they are continuing to offer the HECM 100 product. […]